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Fovea Pharmaceuticals Completes EUR30M Series B Financing
Date:12/12/2007

Top venture syndicate invests to advance expanding pipeline of products to

treat ophthalmic diseases

PARIS, Dec. 12 /PRNewswire/ -- Fovea Pharmaceuticals SA, a biopharmaceutical company developing novel therapeutics for the treatment of ophthalmic diseases announced today that it raised EUR30M ($44M) in a Series B financing from a strong, international syndicate of new and existing investors led by Forbion Capital Partners (Naarden, The Netherlands). All existing institutional investors participated in the round including Sofinnova Partners, Abingworth, GIMV, The Wellcome Trust and CAPE.

Fovea plans to use the proceeds from this financing to advance its clinical and preclinical pipeline and further develop its technology platform. In 2008, Fovea expects to advance its FOV1101 program for chronic allergic conjunctivitis into phase 2 clinical trials and to initiate phase 2 studies of its FOV2302 and FOV2301 programs for the treatment of respectively acute and diabetic macular edema. The company expects to bring its fourth drug candidate, FOV2501, a protein discovered by Pr Jose-Alain Sahel's team (Inserm-UPMC U 592), into clinical trials in the first half of 2009.

"We are pleased that these leading investment firms recognize the value of Fovea's well balanced pipeline and unparalleled expertise in developing these novel therapies," said Bernard GILLY, Ph.D., Chairman and Chief Executive Officer of Fovea Pharmaceuticals. "The company has made enormous progress and this financing will enable us to continue to advance our lead programs through later-stage clinical studies."

"Forbion Capital Partners invests in biopharmaceutical companies pursuing first or best in class drugs. In particular, we focus on companies with strong domain expertise and experienced management. Fovea in our view is well positioned to become a leader in the ophthalmology field. We are impressed by how quickly they have built a highly promis
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SOURCE Fovea Pharmaceuticals SA.
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